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LEXINGTON, Mass. - Epix, a struggling biotechnology firm working with British drug maker GlaxoSmithKline PLC to develop an Alzheimer's disease drug, says it is winding down its operations and selling off assets to pay off creditors.
Epix Pharmaceuticals Inc. said Monday that the move was triggered by its failure to raise funds to continue operations beyond August.
Epix in April said it might be forced to file for bankruptcy if it was unable to restructure its debt. The company hired JPMorgan and Canaccord Adams in May as advisers to assist its board in finding strategic or financial alternatives. The effort failed to save the firm.
The company has transferred all of its assets to a Boston-based public accountant for orderly liquidation and distribution to its creditors under Massachusetts law. Stockholders are unlikely to receive any payment.
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